Florida Real Estate for Sale

Take a look at this clipping from the Sun Sentinel newspaper taken in April 2011. Buyer activity is approaching 2005 levels in Broward County

Since Florida Real Estate led the way in the fall of values at the beginning of the whole housing crisis, where some parts of the country are still falling, Florida has stabilized. Since values fell a whopping 40-60% there are some steals out there. Homes are affordable once again so that the average Joe can find something nice with a comfortable payment.

Florida Ranks Third in Foreclosures - 2009

While Nevada remains in first place in the foreclosure sweepstakes, with 1 out of every 33 homes in some stage of foreclosure, Florida ranks third, with an average of 1 out of every 57 households in some stage of delinquency.

Despite these seemingly high numbers, buyers are likely to find only about 30% of all foreclosures listed for sale in the multiple listings. This is fortunate for sellers and for the fragile economy. Banks are holding back close to 700,000 properties in what is known as the “Shadow inventory.”

If these homes were released all at once, prices of all homes would likely drop precipitously, plunging the economy into recession once again. If banks put all of these properties on the market, the homes that are currently maintaining or even climbing in value would drop in value, due to excess supply and insufficient demand.

Right now, prices appear to have stabilized. Realtors have been noting bidding wars on many foreclosures and short sales, especially those that are in good to excellent condition, since last January.

.06 6 Despite the improved housing market, the number of foreclosures in the state increased markedly in March, which follows the same pattern exhibited in 2009. For example, in Broward County, which ranks 3^rd in the state in foreclosures, there were more than 6300 foreclosure filings in March, an increase of over 19% from February, and a leap of more than 37% over the filings in March of 2009. Currently, 1 out of every 49 homeowners is in default in Broward.

Miami Dade, which ranks 8^th in the state in foreclosures, showed over 9200 homes in default in March, which was an increase of over 38% from February. However, last March there were close to 6700 filings, which means the foreclosure numbers this year have vaulted upward up by 72%.

Palm Beach County, ranked at 14^th in the state in foreclosure filings, with 3963. That works out to 1 out of every 161 homes. This county dropped its foreclosure filings by 11% since February, but was still up by an astounding 169% over the 1500 filings in March of 2009.

Over the entire state, Florida showed just over 153,000 foreclosure filings during the first quarter of this year. National figures were 932,000 during the same time period. This translates, nationally, to 1 in every 138 homes showing delinquency and being in, or in danger of, foreclosure.

Yet, despite the continuing state of underwater homes, sales figures continue to climb each month in the real estate market. Some areas, such as the eastern sections of Broward County, continue their recovery. Other areas, such as western and central Broward, and most of Miami, have not yet seen a leveling off in prices. 4/17/10

Marc Jablon, The Jablon Team

Realty Associates

marcjablon@yahoo.com

561-213-6139

www. JablonHomes.com

According to many real estate pundits, it is difficult to make money in today’s real estate market, and it is close to impossible to make money in Florida real estate. However, if you closely follow the south Florida market, as I do each day, you will see several factors may help you to make money in Florida real estate.

First, overall sales of homes are increasing. Second, cash rich investors are buying distressed properties and turning them around at a profit. Finally, multi-family properties in Florida are selling at realistic multiples.

Today’s New York Times states that Florida is “overdeveloped, overspeculated and overleveraged.” But the Times also indicates that Florida’s warm climate will attract many of the more than 75 million boomers as they retire over the next 20 years. We know they’re coming, and they have to live somewhere. To make money in Florida real estate, or in any real estate market, we cater to those who are in need.

Right now, there are thousands of condominiums that stand empty. A recent example that made news is a 32 story building in Tampa that currently houses only 1 family. Far sighted vulture capital funds will pick up these properties at distressed rates of pennies on the dollar. They’ll hold these properties for a few years, and then sell them at a large profit. Because they foresee the trend of increasing population, they will make money in Florida real estate.

To the average buyers, short sales, with their 45-60 day waiting periods for an answer, don’t appear to be a way to make money in Florida real estate. Banks control the short sale process and typically take at least 45- 60 days to render a yes or a no decision. Because this is the time frame during which most homebuyers expect to find and close on a home, short sales and homebuyers are often at odds.

However, investors looking to make money in Florida real estate aren’t concerned with this time factor. While the home buyer grows impatient with the waiting process and starts to look elsewhere, the investor remains until the other bidders are gone. The investor’s lower, but reasonable bid may win by simple virtue of still being there. And since the investor has made offers on dozens or hundreds of homes, the odds are on his or her side. The investor will then fix up and resell or just resell these homes at a fast profit and move on.

The best way to make money in Florida real estate, or perhaps in any real estate market, is to buy and hold multi-family property for the long term. If these properties are bought at the correct multiple, they make money. There are many formulas for this multiple: the simplest is 7 or fewer times rent roll, or 10 or fewer times net. Forget cap rates. They usually apply to the current owner.

Making money in Florida real estate, especially in multi-family, involves due diligence. Carefully scrutinize rent numbers, expense numbers, and carrying charges for the mortgage you’ll need. By the way, today’s lenders, who are very cautious about commercial property (anything over 4 units), will require 25-30% down payments.

If everything looks good to you after you add these figures, talk to your accountant. Then, walk the property several times. Check to see that repair costs will not throw your figures out of whack. Scout the neighborhood. Talk to other landlords in the area if you can, or call other nearby multi-family properties to see what rents they are charging. Recalculate rent, expenses and carrying charges to make sure they still work. The main idea is that to make money in Florida real estate, your multi-family multiples must make sense.

Real estate is not going away. There is always an opportunity for investors to make money in Florida real estate. In Florida, we know older people will flock to places where there is warmth. And for investors, warmth is found in the place where money flows fastest.

Written by Marc Jablon, Realty Associates
marcjablon@yahoo.com / 561 / 213 – 6139
www.marcjablonhomes.com/

Florida Home Sales Keep Increasing

Florida Facts and Trivia

Greater Miami is the only metropolitan area in the United States whose borders encompass two national parks. You can hike through pristine Everglades National Park or ride on glass-bottom boats across Biscayne National Park.

Saint Augustine is the oldest European settlement in North America.

The name Punta Gorda, which means, "fat point" when translated from Spanish. The moniker was given to the city because a broad part of the land in Punta Gorda juts into Charlotte Harbor. The harbor itself is somewhat unique, as it is the point where the Peace River meets the ocean.

Orlando attracts more visitors than any other amusement park destination in the United States.

New England Congregationalists who sought to bring their style of liberal arts education to the state founded Rollins College, the oldest college in Florida, in Winter Park in 1885.

Cape Canaveral is America's launch pad for space flights.

Florida is not the southernmost state in the United States. Hawaii is farther south.

A museum in Sanibel owns 2 million shells and claims to be the world's only museum devoted solely to mollusks.

The Benwood, on French Reef in the Florida Keys, is known as one of the most dived shipwrecks in the world.

Safety Harbor is the home of the historic Espiritu Santo Springs. Given this name in 1539 by the Spanish explorer Hernando de Soto. He was searching for the legendary Fountain of Youth. The natural springs have attracted attention worldwide for their curative powers.

Niceville is home to the famous Boggy Bayou Mullet Festival celebrated the third weekend in October.

The United States city with the highest rate of lightning strikes per capita is Clearwater.

Gatorade was named for the University of Florida Gators where the drink was first developed.

Young aviator Tony Jannus made history on January 1, 1914 when he flew the world's first scheduled passenger service airline flight from St. Petersburg's downtown yacht basin to Tampa.

Dr. John Gorrie of Apalachicola invented mechanical refrigeration in 1851.

Miami Beach pharmacist Benjamin Green invented the first suntan cream in 1944. He accomplished this development by cooking cocoa butter in a granite coffee pot on his wife's stove.

Neil Smith and his brother of Montverde developed the first Snapper riding lawn mower.

Key West has the highest average temperature in the United States.

The Saint John's River is one of the few rivers that flows north instead of south.

The largest lake in Florida is Lake Okeechobee.

May 20, 1970 Florida lawmakers passed and sent to the Governor a bill adopting the moonstone as the official state gem. Ironically, the moonstone is not found naturally in Florida...nor was it found on the moon.

In 1987 the Florida legislature designated the American alligator (Alligator mississippiensis) the official state reptile. Long an unofficial symbol of the state, the alligator originally symbolized Florida's extensive untamed wilderness and swamps.

Miami installed the first bank automated teller machine especially for rollerbladers.

Ybor City was once known as the Cigar Capital of the World with nearly 12,000 tabaqueros (cigar-makers) employed in 200 factories. Ybor City produced an estimated 700 million cigars a year at the industry's peak.

Plant City, the Winter Strawberry Capital of the World, holds the Guinness record for the world's largest strawberry shortcake. The 827 square-foot, 6,000 pound cake was made on Feb. 19, 1999 in McCall Park.

The Sunshine Skyway Bridge is a cable-stayed concrete bridge. Opened in 1987 the bridge coasts through the clouds at 190 feet above water. Its bright yellow support cables spread from the two center pillars. The structure gives drivers unobstructed view of the water during the 4.1 mile trip over Tampa Bay.

Nearly 80 percent of the states intake of sweet Atlantic white shrimp is harvested in Amelia Island waters. Two million pounds of shrimp are delivered to Fernandina docks annually.

A swamp such as the Fakahatchee Strand in the Everglades functions in three major ways. First, its vegetation serves as a filter to clean the water as it makes its slow journey southward. Secondly, it's a major habitat for wildlife and plant life. Finally, it actually prevents flooding by slowing down the flow of water after heavy rains.

DeFuniak Springs is home to one of the two naturally round lakes in the world.

The Morikami Museum and Japanese Gardens at Delray Beach is the only museum in the United States dedicated exclusively to the living culture of Japan.

Fort Lauderdale is known as the Venice of America because the city has 185 miles of local waterways.

Fort Meade is the oldest settlement in Polk County. It dates back to 1849 when a settlement grew up around the United States Cavalry fort during the Seminole Indian Wars.

The Fred Bear Museum in Gainesville is a tribute to the accomplishments of Fred Bear a promoter of proper wildlife management and the founder of Bear Archery Company.

The Hawthorne Trail a part of Florida's Rails to Trails program and attracts many outdoor enthusiasts to walk, cycle, or ride horseback through its 17-mile length.

Just north of Haines City is the Baseball City Stadium the spring training home of the Kansas City Royals. Haines City is known as The Heart of Florida.

The city of Hypoluxo's name comes from the Seminole expression water all 'round -- no get out.

Islamorada is billed as the Sports fishing Capital of the World.

Key Largo is known as the Dive Capital of the World.

Marathon is home to Crane Point Hammock, a 63.5 acre land tract that is one of the most important historical and archaeological sites in the Keys. The area contains evidence of pre-Colombian and prehistoric Bahamian artifacts, and once was the site of an entire Indian village.

Fort Zachary Taylor in Key West was built between 1845 and 1866. Controlled by the Union during the Civil War, the fort was the home base for a successful blockade of Confederate ships that some historians say shortened the conflict by a full year. The fort also was active during the Spanish-American War, World War I, and World War II.

The first graded road built in Florida was Old Kings Road in 1763. It was named for King George of England.

During the 1991 Gulf War the busiest military port in the country was Jacksonville. From this location the military moved more supplies and people than any other port in the country.

When first completed in 1989 the Dame Point Bridge became the longest cable-stayed span in the United States, the longest concrete span of its type in the Western Hemisphere, and the third longest cable-stayed bridge in the world.

The longest river sailboat race in the world is the Annual Mug Race. The event runs 42 miles from Palatka to Jacksonville along the St. Johns River.

The Olustee Battlefield State Historic Site commemorates the largest battle fought in Florida during the American Civil War.

Venice is known as the Shark Tooth Capital of the World. Collecting prehistoric sharks teeth has been a favorite pastime of visitors and residents of the Venice area for years

The Florida Museum of Hispanic and Latin American Art in Coral Gables, is the first and only museum in the United States dedicated to the preservation, diffusion, and promotion of Hispanic and Latin American Art.

The Pinellas Trail, a 47 mile hiking/biking trail connecting St. Petersburg with Central and north Pinellas County, is the longest urban linear trail in the eastern United States.

Titusville, known as Space City, USA, is located on the west shore of the Indian River directly across from the John F. Kennedy Space Center.

Florida is the only state that has 2 rivers both with the same name. There is a Withlacoochee in north central Florida (Madison County) and a Withlacoochee in central Florida. They have nothing in common except the name.

If you are ever in need of a good realtor , please let me know. I have many contacts throughout the state. Also I can tap into the national association of buyers agents if you need an exclusive buyers agent in a given community.